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I personally purchased from the company all the real estate that it then owned.

Having thus returned to the real estate business, only on a much larger scale than I had ever operated before, I took my nephew, Robert E. Simon, into partnership, and formed the Henry Morgenthau Company. This company then developed all the properties I had left in the Bronx, and built and financed housings for thousands of people in that section, and also on Washington Heights, and in Fort George at One Hundred and Ninetieth Street and St. Nicholas Avenue.

My venture into the trust company field led me ultimately into an interest in a kind of business I had never before studied. One day my friend, Mr. Charles Strauss, who had influenced many of his clients and friends to open accounts with the Trust Company, came to my office and asked me whether we would make a loan to one of his clients who, he declared, was ready to put up as collateral some of the original Standard Oil Company stock. I told him unhesitatingly that we would do so.